By Rogerio Jelmayer

SAO PAULO-The Brazilian unit of Spanish bank Banco Santander SA (SAN, SAN.MC) signed an accord to assume the control of credit card firm GetNet, as part of the bank's plans to expand its activity in this industry in the Latin America's largest nation.

Santander agreed to pay 1.1 billion Brazilian reais ($488 million) to increase its stake in GetNet to 88.5% from 50%. The rest will be held by former GetNet controllers.

Getnet, which launched in 2010, has a 6% share of the Brazilian market, and it wants to reach 10% market share in the next few years, said Santander Brasil SA chief executive Jesus Zabalza in a recent interview.

It has grown largely at the expense of the two dominant players, Redecard SA, a unit of Itau Unibanco Holding SA (ITUB, ITUB3.BR, ITUB4.BR), and Cielo SA (CIOXY, CIEL3.BR), controlled by Banco do Brasil SA (BBAS3.BR) and Banco Bradesco (BBD). Together, they have more than 90% market share.

The acquisition of the controlling stake will allowed Santander to guarantee more flexibility in the company's management, the bank said.

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

SANTANDER BR (BOV:SANB11)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024 Click aqui para mais gráficos SANTANDER BR.
SANTANDER BR (BOV:SANB11)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024 Click aqui para mais gráficos SANTANDER BR.